Table 8 Results of Juodis et al. (2021) Granger non-causality test.
From: Revisited the role of foreign aid in capital formation: experience of South Asian countries
Direction of causality | Test statistics | Test value |
|---|---|---|
Foreign aid to DINV | \(\hat W_{{\rm{HPJ}}}\) | 23.70** |
Foreign aid to DINV (with cross-section heterogeneity) | \(\hat W_{{\rm{HPJ}}}\) | 7.28* |
DINV to Foreign aid | \(\hat W_{{\rm{HPJ}}}\) | 13.52** |
DINV to Foreign aid (with cross-section heterogeneity) | \(\hat W_{{\rm{HPJ}}}\) | 19.29** |
